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New consumer price indices showing impact of indirect taxes
This article explains how the indices are calculated and how they should be interpreted, and presents results back to December 2002 for both indices.
Author: Jim O'Donoghue
Economic Trends, no 629, pp 24-32. ISSN: 0013-0400
Starting with the February 2006 index, ONS will be publishing on a monthly basis two new indices based on the Consumer Prices Index (CPI): CPIY, which excludes indirect taxes, and CPI at constant tax rates (CPI-CT), which holds indirect taxes constant at the rates prevailing at the start of the year. These two new indices provide different ways of examining the impact of changes in indirect taxes on inflation. This article explains how the indices are calculated and how they should be interpreted, and presents results back to December 2002 for both indices.
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